Barneys New York may soon join the ever lengthening list of retail stores seeking protection in bankruptcy. The luxury clothing company, faced with high rents and a shifting consumer landscape, is evaluating options that may include a bankruptcy, according to a source close to the matter who asked the Associated Press to remain anonymous because the discussions are confidential.The company has nearly a dozen locations, mostly in the swankier districts in cities like Boston, Beverly Hills, California, and New York. High-rent retailers like Barneys now compete with online luxury players like Net- a-Porter and the RealReal.com, which don’t have need to maintain flagship stores. Barneys’ rent for its Manhattan showcase on Madison Avenue, for instance, will soon nearly double to $30 million after the retailer lost an arbitration decision that favored its landlord on Friday, according to the New York Post.Reuters first reported Saturday that Barneys was evaluating bankruptcy options. The rent hike alone nearly wipes out Barneys’ earnings before interest, taxes, depreciation and amortization, sources told CNBC earlier this year. The retailer has roughly $850 million in sales, the news outlet reported.The department store chain last went into bankruptcy court in 1996, ultimately emerging with a much-reduced role for the founding… Read full this story
- Turkish, Russian, Iranian FMs to discuss Syria in New York – report
- Wedding limousine crash leaves 20 dead in New York
- New York limo crash newlywed’s last message to husband before they were killed
- Four sisters among 20 killed in devastating New York limo crash
- New York limo crash victims were travelling to surprise birthday party
- 20 killed in limousine crash in New York state
- New York City: Are We an Empire in Decline?
- Get cheap US flights with Norwegian’s biggest ever sale – fares to Florida, Boston, New York and Chicago for under £160 one-way
- 32 striking vintage photos of New York City
- How New York’s Taxi Titans Roiled Cities Hundreds of Miles Away
Barneys New York reportedly weighing a second bankruptcy have 325 words, post on www.cbsnews.com at July 16, 2019. This is cached page on Law Breaking News. If you want remove this page, please contact us.